one person company registration (Business Opportunities - Investment)
USAOnlineClassifieds > Business Opportunities > Investment
Item ID 2440052 in Category: Business Opportunities - Investment
one person company registration | |
Annual filing and compliance requirement of a One Person Company is similar to that of a Private Limited Company or any other same form of entity. However, some of the requirements differ in a One Person Company from other types of entities obviously because they are different types of business models. In this article, you will learn what the compliance requirements of a One Person Company are and what annual returns you need to file after you have incorporated your OPC. Following are certain post incorporation mandatory compliance which OPC shall comply. Company Name Board All companies, including an OPC, is required to affix the name of the company and address of its registered office outside every office or place in which it carries on business. Company Rubber Stamp A round rubber stamp bearing the name of the company and a straight rubber stamp bearing the name of the company along with the designation of the authorised signatory should be purchased. Company rubber stamp is required for executing various legal documents like Board Resolutions, bank account opening forms, cheques, etc., Letterhead The name and registered office address of the OPC must be printed on all letterhead, invoices, notices and other official documents of the company. Opening OPC bank account The process for opening a bank account for a One Person Company is relatively simple when compared to the proprietorship bank account opening. As an OPC is a corporate entity, no other additional tax registrations or documents are required to open a bank account for an OPC. Appointment of an Auditor All companies are required to appoint the first auditor of the company, within 30 days of incorporation. Also, in case of OPC as well, an Auditor must be appointed by the director of the OPC for auditing the financial statements of the company. Compliance requirements under the Income Tax Act, 1961 One person company shall file their income tax return in Form ITR 6 for the financial year on or earlier than 30th September of the following financial year with the tax department. In other words, for the financial year 2020-21, income tax return in Form ITR 6 has to be filed on or before 30th September 2021. Furthermore, if the due date has been extended by CBDT, such extended date will be considered as the last date of filing income tax return instead of 30th September. Additionally, along with the annual tax return filing, every OPC is required to get its accounts audited under income tax act 1961 if turnover exceeds the limit as specified in section 44AB. In addition to above compliance, a One Person Company may also require complying with TDS regulations, GST regulations, PF and ESI regulations and others based on the requirements. Board Meeting (Section 173) One Director Board meeting at least to be held in every half of the calendar year and the space between the two meetings shall not be less than 90 days. Statutory Register (Section 88 and other): The One Person Company shall maintain these mandatory registers: Director Register Director Shareholding Register Related Party Transaction Register. | |
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| Target State: All States Target City : All Cities Last Update : Nov 09, 2023 7:29 AM Number of Views: 50 | Item Owner : Estabizz Contact Email: Contact Phone: 9825600907 |
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2024-05-05 (0.428 sec)